AUDUSD H4
The Aussie is seeing some short covering after the bears could not take out the 2014 lows at 0.86600, the market has now taken out an important 1:1 (Yellow). The next level to watch closely is the 1:1 (Purple) and 23.6 fib that coincide at 0.88370 if this level can not contain this current run higher the short covering is likely to to pick up momentum.
AUDUSD M5
The smart money has been seen buying on a number of 1:1 dips as the larger players cover their short positions after the bears were unable to take out the stops below the 2014 lows.
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